Saturday, 5 January 2008

To sale or not to sale

Sale purchases are hotly debated amongst stylists and fashion journos. Some are for, some are against and no one agrees on anything. The for camp think you can bag some key pieces by designers at a fraction of the price, all are agreed these pieces have to have some 'classic' appeal or longevity. The against camp think why would you buy things no one wanted and save your money for the new season, buy cruise now.

I'm of the opinion that unless you are solvent, have no debts other than a mortgage, have saved money specifically for the sales - then forget it regardless of bargains and desired items. Why add to your debt, why start the new year with money going the wrong way. The next three months are key to changing habits and stemming any cash flow issues. Clear you debts first start saving second then thirdly if there is anything left over you can do with what you like.

I read the other day that a financial consultant believes you should save a percentage of your earnings based on halving your age! If you are 30 then that's 15% to go into savings, 25 then 12.5% and so on. You can do the math and you can choose to curb your spending and think credit not debit.

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